Excell Partners launches $5.14 million fund

Rochester investment fund manager Excell Partners Inc. has launched a $5.14 million fund as part of Empire State Development Corp.’s $35 million Innovate NY seed equity program.

Excell is one of six fund managers in New York selected to participate in Innovate NY and invest in technology and high-growth companies statewide. The six are required to leverage at least a 2-to-1 fund match from private sources.

Innovate NY is supported with $25 million from the State Small Business Credit Initiative and $10.3 million from private-investment firm Goldman Sachs Group Inc.

“Excell is gratified to be selected as one of six investment funds in New York to participate in the Innovate NY program,” CEO Theresa Mazzullo said in a statement Thursday. “Excell has a quality pipeline of quality deal flow. This capital will help spur job creation and grow high-tech start-ups in the upstate region.”

Excell was formed in partnership with the University of Rochester and New York State. Some 23 companies are included in its portfolio, including 14 from the Rochester area.